Section 83 — Canada Business Corporations Act: Conflict of interest

No person shall be appointed as trustee if there is a material conflict of interest between their role as trustee and their role in any other capacity. A trustee shall, within ninety days after becoming aware that a material conflict of interest exists eliminate such conflict of interest; or resign from office. A trust indenture, any debt obligations issued thereunder and a security interest effected thereby are valid notwithstanding a material conflict of interest of the trustee. If a trustee contravenes subsection (1) or (2), any interested person may apply to a court for an order that the trustee be replaced, and the court may make an order on such terms as it thinks fit.